The Tata Group Universe (Update 1)

Nifty 500 peaked a week after our post on Tata Group in early October 2021. Since then we've witnessed a series of lower highs in Nifty 500's price structure.

How do you think the Tata Group fared?

Well, the Tata Group index retained its strength against the Nifty 500 (bottom pane of the chart). In January, it faced resistance from the 423.6% Fibonacci extension level and has since been trading in a sideways range. What are we looking for here? A breakout above 15,000 would pitch the next leg of upside.

Click on the chart to zoom in.

Our target has been to identify sectors/stocks that outperform the Nifty 500. The Tata Group is a diversified market index in itself! It has a presence across sectors like Tech, Automobile, Retail, FMCG, Leisure, Telecom, Power, Metal, and chemicals.

Let's dive into the constituent stocks, shall we?

Tata Motors continues to consolidate in a range above the crucial 61.8% Fibonacci retracement level. We're tracking the target of 612, with a risk management level of 402.

Tata motor DVR achieved the target of 258. Further, it faced resistance from the 261.8% Fibonacci level. We're positive only above 258 for the target of 400.

TCS is consolidating above 261.8% fibonacci level and halted multiple times close to the support of 3,400. We're positive above 3,400 with a target of 4,765.

Tata Elxsi achieved its target near 7290 and 9,280. We're bullish above 9,280 for a target of 11,490.

Tata Steel remains bullish as long as it remains above 1,128, with a target near 1,670. We're currently trading in a range though, so make sure you're comfortable with that trend.

Tinplate successfully broke above its 2018 highs. The current momentum is in a bullish overbought zone. The target to track is 490, with a risk management level of 325.

Tata Power has also broken above the 13-year base and achieved the target of 250. Its momentum continues to remain in bullish territory. As long as the price remains above 250, the next target to track would be 380.

Tata Chemical has a neutral momentum while it consolidates in a sideways range. The next target to track is close to 1,224.

Voltas consolidated in a sideways range near 261.8% Fibonacci extension level. It's positive above 1,250 with a target near 1,755.

Trent is bullish as long as it stays above the breakout region at 1,200. The next target to track would be 1,516.

Titan faced multiple hurdles at the resistance level of 2,675 as it consolidated in a sideways range. It remains positive above 2,675 with a target near 3,320.

Indian Hotels is displaying strong momentum as it broke above its October 2021 highs. We're bullish above 227 with a target of 330.

Oriental Hotels is posing a multi-year base breakout. The indicator is exhibiting strong bullish momentum. Here, it's important to get weekly close conformation above 68. It would open the target of 102. So keep an eye out for that!

Tata Communications is another name to remain in a sideways range. It's range-bound above the risk management level of 1,140 for the target of 1,725.

Tata Coffee had shown tremendous strength after breaking out of an 8-year base and attaining the target of 240. Now a move above 240 could take the price towards 360. It is to note that the corporate announcement to merge this stock with Tata Consumer could limit its upside.

Tata Consumer Products is facing resistance at 818. Price sustaining above 818 will open up the target of 1,214.

Tata Investment Corporation is in a steady uptrend after breaking above the 13-year base. It remains bullish above the level of 1,355, with a target near 2,090.

NELCO continues to consolidate below its 261.8% fibonacci extension. Here price sustaining above 790 is essential to open up the target of 1,209.

ASAL had a crazy ride after it broke out above the multi-year highs at 120. But as you can see there are a series of upper and lower circuits throughout, making it uninvestable from a supply-demand perspective.

Are you following the Tata Group? Which stocks do you own?

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team